Picton Property Income Limited Annual Report 2023

Additional Information/Continued

EPRA like-for-like rental growth The table below sets out the like-for-like rental growth of the portfolio, by sector, in accordance with EPRA Best Practices Recommendations. Rental income from like-for-like portfolio EPRA BPR and supplementary disclosures (unaudited)/Continued for the year ended 31 March 2023

Rental income from like-for-like portfolio 2022 £000

Like-for-like rental growth %

Like-for-like rental growth £000

2023 £000

614 216 291

3.1 1.4 3.9

Industrial

20,658 20,044 16,162 15,946 7,781 7,490 44,601 43,480

Office

Retail and Leisure

Total 2.6 The like-for-like rental growth is based on changes in rental income for those properties which have been held for the duration of both the current and prior reporting years. This represents a portfolio valuation, as assessed by the valuer, of £747.1 million (2022: £849.3 million). EPRA LTV EPRA loan to value’s aim is to assess the gearing of the shareholder equity within a real estate company. 1,121

2023 £000

2022 £000

2021 £000

222,764

Loans and borrowings Less: Cash and cash equivalents

216,832 163,655

(20,050) 202,714 744,261 3,415 3,278 750,954

(38,547)

(23,358)

Net debt

178,285 140,297 827,790 664,105 4,383 4,111

Investment properties (excluding head lease right of use asset)

Property, plant and equipment

Net receivable 1

3,712

779

Total property value

835,885 668,995 21.3% 21.0%

EPRA LTV

27.0%

1 Net receivable is calculated as the net position of the following line items shown on the Balance Sheet: accounts receivable and accounts payable and accruals. Loan to value The loan to value ratio (LTV) is calculated by taking the Group’s total borrowings, net of cash, as a percentage of the total portfolio value.

2023 £000

2022 £000

2021 £000

224,467

Total borrowings

218,835 166,207

Less: Cash and cash equivalents

(20,050) 204,417 766,235

(38,547)

(23,358)

Total net borrowings

180,288 142,849 849,325 682,410 21.2% 20.9%

Investment property valuation

Loan to value

26.7%

Cost ratio The cost ratio is based on historical information and provides shareholders with an indication of the likely level of cost of managing the Group. The cost ratio uses the annual recurring administrative expenses as a percentage of the average net asset value over the period.

2023 £000

2022 £000

2021 £000

5,955

Administrative expenses

5,755 5,388 598,022 514,574 1.0% 1.0%

602,822

Average net asset value over the year

Cost ratio

1.0%

158

Picton Property Income Limited Annual Report 2023

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